https://www.taxtmi.com/caselaws?id=440970 The Appellate Tribunal found that an operational debt exceeding Rs. 1 Crore existed between the Corporate Debtor and Respondent No. 1, with the Corporate Debtor acknowledging the debt through payments and admitting financial distress. Despite allegations of overpayment and fraudulent invoices, no convincing evidence was presented. Additionally, the Tribunal determined that there was no pre-existing dispute between the parties, as the Corporate Debtor's claims were unsubstantiated. The appeal was dismissed, the stay on the Committee of Creditors was lifted, and the Corporate Debtor was directed to proceed in accordance with the law, with entitlement to claim back a deposited amount from the Ministry of Corporate Affairs. en-us Thu, 27 Jul 2023 00:00:00 +0530 Mon, 31 Jul 2023 06:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440970 The Appellate Tribunal found that an operational debt exceeding Rs. 1 Crore existed between the Corporate Debtor and Respondent No. 1, with the Corporate Debtor acknowledging the debt through payments and admitting financial distress. Despite allegations of overpayment and fraudulent invoices, no convincing evidence was presented. Additionally, the Tribunal determined that there was no pre-existing dispute between the parties, as the Corporate Debtor's claims were unsubstantiated. The appeal was dismissed, the stay on the Committee of Creditors was lifted, and the Corporate Debtor was directed to proceed in accordance with the law, with entitlement to claim back a deposited amount from the Ministry of Corporate Affairs. Case-Laws Insolvency and Bankruptcy Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440970